Index drops 1.94 per cent

Following great interest by the general public in the first bond issue to be offered by Tumas Investments p.l.c., the finance company of the Tumas Group, the company decided to close the issue on the second day from opening of subscriptions by which time the issue was oversubscribed.

Meanwhile, trading in corporate bonds in the secondary market amounted to a value of Lm183,157. Trading took place in ten corporate bonds and was made up of 32 deals. Trading in the Malta Government Privatisation Bonds amounted to Lm109,200 of the total turnover in corporate bonds.

Total Malta Government Stock turnover over the week amounted to a nominal value of Lm35,600, struck in 20 deals and over ten different stocks.

Trading in Bank of Valletta during the week consisted of 28 deals struck between Lm2.749 and Lm2.81. Trading here opened at Lm2.809 on Monday and closed at Lm2.75 yesterday. A total of 21,117 shares changed hands over the week. Following yesterday's trading session, 1,000 shares at Lm2.70 were left as best unsatisfied bids, while best offers of 531 shares at Lm2.75 were still outstanding.

Maltacom commenced the week at Lm 1.185 on Monday but lost 1c5 during the same day to close at Lm1.17. Tuesday's trading saw the share price drop a further 2c to Lm 1.15. On Wednesday, the price remained unchanged but on Thursday trading opened at Lm 1.12 and went up to end the session at Lm 1.17. Yesterday, two deals for 1,340 shares brought the price down by 1c to end the week at Lm 1.16. At the close of business, 400 shares at Lm1.151 were the best outstanding bids, while 1,300 shares at Lm1.17 were the best offers remaining.

Seventeen deals for a total of 14,341 shares were struck in HSBC shares this week. Trading opened on Monday at Lm3.70 and closed the session at Lm3.60, a decrease of 15c from Friday's reading. Tuesday's session closed at Lm3.50, down by a further 10c. Wednesday's session saw HSBC's price regain the 10c to close at Lm3.60. HSBC's price remained unchanged at Lm 3.60 on Thursday while yesterday brought the price back to Lm3.70, on one deal amounting to 490 shares. The week ended with 1,400 shares at Lm3.61 and 250 shares at Lm3.77 as best outstanding bids and offers respectively.

Meanwhile in a company announcement, the Board of Directors of HSBC Bank Malta stated that it is scheduled to meet on Thursday July 25, 2002 to approve the Group's and bank's Interim Accounts for the half-year ending June 30, 2002 and to consider the declaration of an interim dividend.

Other equities which traded during the week were: 4,739 shares in Simonds Farsons Cisk Ordinary Shares between Lm0.60 and Lm0.575; 1,500 shares were traded in International Hotels Investments between Lm0.919 and Lm0.90; 2,800 shares were traded in GloBAl Financial Services Group between Lm0.215 and Lm0.21 and 20,347 shares were traded in Datatrak Holdings between Lm0.499 and Lm 0.469.

In a company announcement by GloBAl Financial Services Group, the company stated that its AGM was held on the July 17, 2002, whereby it was resolved to approve the company's accounts and the Reports of the Directors and Auditors for the year ended December 31, 2001, to approve the amount of Lm100,000 as the maximum annual aggregate emoluments payable to the directors, to re-appoint PricewaterhouseCoopers as auditors of the company. Furthermore, Christopher J. Pace, James Blake, William Van Buren and Andrew Borg Cardona have been re-appointed directors. The newly appointed directors are Gary Marshall, Adrian Galea and Nicholas Portelli.

In another company announcement, the Board of Directors of Suncrest Hotels approved the Interim Statements of Accounts for the six-month period ended April 30, 2002. The company reported a turnover of Lm797,000 (6 months up to April 2001: Lm816,000), a loss for the six-month period amounting to Lm372,000 (6 months up to April 2001: loss of Lm321,000), and loss per share of 3c7 (6 months up to April 2001: loss per share of 3c2).

In a similar company announcement, the Board of Directors of Plaza Centres met, discussed and approved the financial statements for the six months ending June 30th 2002. The company reported a turnover of Lm296,283 (6 months up to June 2001: Lm272,930), a profit after tax amounting to Lm105,000 (6 months up to June 2001: Lm97,790), and weighted earnings per share of 1c1 (6 months up to June 2001: weighted earnings per share of 1c).

The MSE Share Index dropped by 37.806 points, or 1.94%, over the week, and now stands at 1,912.377.